16 April 2018

South Africa: AngloGold Ashanti CEO Resigns After 18 Years At the Firm

AngloGold Ashanti [JSE: ANG] CEO Srinivasan Venkatakrishnan has resigned, the company announced on Monday.

Venkatakrishnan leaves after 18 years at the company, the last five as CEO, to become chief executive of Vedanta Resources.

Vedanta is a London Stock Exchange-listed, diversified natural resources firm, with interests zinc, lead, silver, copper, iron ore, aluminium as well as oil and gas.

AngloGold Ashanti said in a statement Venkatakrishnan, also known as Venkat, will remain in his current position until August 30 2018.

Chairperson Sipho Pityana hailed the outgoing CEO for creating a culture of accountability within the mining firm, stating that a search was underway for his replacement.

"He has embedded a culture of consistency and accountability in the business, and has created the ability for the company to thrive in a range of market conditions," said Pityana.

Venkat assumed the role of CEO in May 2013, soon after the gold price fell by nearly a third.

Under his leadership, AngloGold Ashanti achieved a 16% reduction in all-in sustaining costs, a 30% reduction in all in costs. Productivity over the five years also increased by 26%.

"This was all achieved whilst setting new benchmarks for safety performance and environmental stewardship, and without the issue of equity thereby avoiding dilution to shareholders," AngloGold Ashanti said in a statement.

Pityana said the board will embark on a global search for a replacement "with the requisite experience and breadth of expertise, and who will be committed to maintaining the discipline and value focus that has become a hallmark of this business."

Source: Fin24

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